J Pierpoint Morgan
Biography -
In 1837, JP Morgan was born the son of a banker. He worked for his father in London, then moved to the US, then, in 1871, starting his own private banking company: JP Morgan & Co. Overall, he financed the reorganization of railroads, insurance companies, and banks. Morgan was heavily influential in both the steel and railroad industries and was often criticized for creation of monopolies. He bought Carnegie's steel company in 1901 and turned it into the US Steel Corp. Morgan's financial power through wealth even gained a dependence on him by the US Treasury. The government often looked to Morgan for help, especially during times of economic depression. Throughout the late 1800s and the start of the century, many of the country's industries were in the hands of Morgan.
Impacts -
- depended on by US government financially during the Panic of 1895 and the 1907 financial crisis
- funded the purchase of the US Steel Corporation in 1901
- helped drive the rise of the House of Morgan: internationally one of the most powerful instruments of commerce in history
- creator of the lasting JP Morgan Chase bank